Bernie Madoff’s eldest son found dead after apparent suicide

Business and Leadership Ltd.

The eldest son of convicted Ponzi scheme architect Bernie Madoff is reported to have taken his own life today, after he was found hanged in his SoHo apartment in New York. “Mark Madoff took his own life today,” began the statement from his lawyer Martin Flumenbaum today. “This is a terrible and unnecessary tragedy. Mark was an innocent victim of his father’s monstrous crime who succumbed to two years of unrelenting pressure from false accusations and innuendo.” The tragedy occurs two years to the day after his father was arrested for fraud, and subsequently jailed for 150 years for defrauding investors out of billions. Mark Madoff and other family members…

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Fitch lowers ratings on Irish banks

European Investment Bank

Credit ratings agency Fitch has said it will take several years before Ireland returns to an A status. It has also downgraded the debt of five of the country’s banks, including AIB and Bank of Ireland. Long-term and short-term issuer default ratings (IDRs) for AIB and Bank of Ireland have been downgraded to BBB from A- and F2 from F1. This move follows yesterday’s downgrade of the Irish sovereign. The guaranteed debt of AIB, Bank of Ireland, Anglo, EBS and Irish Nationwide has also been reduced to BBB+ from A+. All of the bank’s individual ratings were also downgraded because of the new capital requirements announced recently by the Central…

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Citi announces 250 new jobs for Ireland

Citi announces 250 new jobs for Ireland

Financial services firm Citi has said it will create 250 new jobs in its Dublin and Waterford operations. The investment comes after Ireland won out a European-wide competition by the company as it tried to choose a location for the new project. The US bank, which has operated in Ireland for 45 years, currently employs 2,200 people in Ireland. Three hundred people have been hired in the past 12 months. The new positions will come on stream next year and span operations, funds, technology and product development and are likely to be filled by third-level graduates. IDA Ireland is supporting the expansion and the bank will get grants for some…

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Danone to create 40 jobs in Cork

Business and Leadership Ltd.

Danone Baby Nutrition is to create 40 new jobs in Cork as part of a €50m investment. The makers of Aptamil and Cow and Gate will expand and redevelop its existing facility in Macroom, Co. Cork. The 40 new jobs will be in the areas of food science, engineering and supply chain management. Building is due to begin in February, 2011. In a statement, Danone said, “Consistent growth of Danone Baby Nutrition’s infant and toddler formulas, such as Aptamil, has resulted in the need to invest to increase capacity.” Almost all the output from the improved Macroom facility will be exported to more than 60 countries. The company already employs…

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London bankers’ salaries up 20pc

Business and Leadership Ltd.

Investment bankers in London are earning up to 20pc more this year when compared to 2009, says a new survey released today. The survey, conducted by financial services recruitment company Astbury Marsden, found the average basic salary for investment banking staff in London has risen 20pc in the last year. It is thought that companies are trying to offset the curbing of bonuses with higher year-round salaries. Pressure continues to mount on firms to stop paying high end-of-year bonuses. Back, middle and front level staff will earn about Ł97,500 this year, up from Ł81,250 last year. Many top performers will also receive mega bonus payments, despite the continued criticism from…

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Genband to create 100 jobs in Galway

Barry O'Leary, chief executive, IDA

US telecommunications company Genband has said it will create 100 jobs in its new international headquarters in Galway. The company, which develops IP infrastructure, plans to establish its international HQ and business services centre in Galway, representing an €8m investment. The jobs will be in finance, supply chain management, customer support, software development, HR, legal and administrative activities. Charlie Vogt, CEO and president of Genband said, “The establishment of our international headquarters operation in Ireland represents a critical component of Genband’s continued global strategy and growth. “Ireland’s breadth of high-quality, skilled human resources made Galway an ideal setting for our expansion, particularly when combined with the region’s competitive cost structure…

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Irish bank shares continue to fall

European Investment Bank

Shares in Allied Irish Bank and Bank of Ireland continue to nosedive as more details emerge about their need for even further capitalisation. Bank of Ireland shares fell 33pc yesterday but recovered some ground and are now trading up over 7pc to 29cent. AIB shares fell 22pc yesterday but finished trading slightly higher. Shares in the soon-to-be-nationalised bank are now trading at 34cent a share. Bank of Ireland are set to get its third injection of State bailout money as it becomes clear it needs further capital to reach international standards of capital levels. The Government ownership of the bank will be somewhere between 65 and 80pc following the capital…

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State stakes in BofI and AIB even greater

European Investment Bank

Following the confirmation of an EU/IMF rescue plan, it is understood that AIB will be almost fully State owned and Bank of Ireland will be nationalised. The EU/IMF €85bn facility will most likely be used to recapitalise the Irish banks, boosting their capital levels from eight to 12pc. By raising the amount of funds held in reserves, it is hoped investor confidence will be bolstered as it will cushion any loan losses. It is understood the Government will take a 99.9pc stake in Allied Irish Bank. The 0.1pc remaining will be left on the stock exchange. Authorities realised the bank needs extra funds but is reluctant to fully-nationalise it. The…

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General Motors IPO to be biggest deal ever?

Dan Akerson, chief executive of GM

General Motors is to up the size of its stock offering by more than 30pc to US$15.5bn, according to a statement from the company today. If the offer is taken up fully, the IPO will become the largest US deal to date. GM intends to boost the share offering to 478 million shares as a result of surging demand by investors. By late last night, US$70bn worth of orders had already been put in. The IPO could raise nearly US$23bn and will reduce the US Treasury’s stake to a minority one. If share prices remain at the top end at US$33 and all stock is sold, the US Government could…

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Forever 21 opens in Dublin tomorrow

Amber leBon

US fashion retailer Forever 21 is set to open its first Irish store in Dublin’s Jervis Street Shopping Centre tomorrow, creating 250 jobs. The popular store is often labelled as the American equivalent to Topshop with its “fast fashion” – that is runway looks at below-high street prices – and huge crowds are expected at the unveiling on Saturday. The much-anticipated launch, along with a store opening in Birmingham in the UK today,  marks the retailer’s first foray into the European market where it will compete with the likes of H&M, Penny’s and New Look. The group was founded in 1984 and now operates more than 460 stores in America,…

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